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For millions of Americans, the new year offers an opportunity to reflect on past relationships and to establish resolutions to strengthen these relationships in the future. The turning of our respective calendars and the start of new administrations present an opportunity to reflect on the state of Sino-American relations.

As co-chairs of the U.S.-China Working Group, we work to build greater understanding between political, business and social leaders on both sides of the Pacific. To that end, last month five members of the Working Group (two Democrats and three Republicans) visited China to meet with new leaders and assess the state of U.S.-China relations. We found a nation that is eager to engage, presenting opportunities for both nations to grow.

Although the U.S.-China relationship is fundamentally strong, it could benefit from a series of New Year’s resolutions that would strengthen the political, economic, security and cultural relationships between our countries.

First, the U.S.’s and China’s new governing officials must re-establish ties after undergoing leadership transitions. For the first time since the U.S. normalized relations with the People’s Republic of China, both countries have undergone leadership transitions at the same time. Last November, the CCP elevated Xi Jinping to general party secretary, and Li Keqiang to premier of the state council. In the U.S., President Barack Obama was reelected to a second term and is currently putting together his second-term Cabinet. Although this Cabinet is expected to continue Obama’s China policies, it will be important for these new players to form close ties with their Chinese counterparts.

Beyond high-profile dialogues such as the U.S.-China Strategic and Economic Dialogue and the Joint Commission on Commerce and Trade, both nations’ leaders should focus on more regular, lower-profile meetings and discussions to break down levels of distrust that have festered over the past year.

Second, the U.S. and China must continue economic growth through much-needed economic reforms. China’s 12th Five-Year Plan, a guide to its economic development through 2015, calls for rebalancing its economy from its current reliance on fixed-asset investment and exports, to one more dependent on domestic consumption. By bridging the income divide between rural and urban populations, by opening up its financial sector to more foreign investments and by taking steps to more closely balance foreign trade accounts, China’s rebalancing efforts will have a positive impact on the U.S. economy and American businesses. The U.S., through efforts such as the Commerce Department’s SelectUSA initiative which works to bring foreign investment to our shores, can reap the benefits of Chinese investment, creating much-needed jobs throughout our communities. The administration should also pursue a bilateral investment treaty with China to encourage greater investment in both directions and improved market access in China.